Spring Mill Apartments is a 94-unit affordable rental community that was developed in Harrison Township, Gloucester County, New Jersey. The development is comprised of ten buildings: nine containing one, two and three-bedroom apartments, and one containing the administration, maintenance, laundry and community facilities. The unit mix includes one, two and three bedroom apartments. Unit configurations feature two and three bedroom flats as well as townhouse apartments.
Spring Mill Apartments consists of 29 units restricted to households at or below 40 percent of the area median income, 37 units restricted to households at or below 50 percent of the area median income, and 28 units at or below 60 percent of area median income. The current multi-family residential market includes a limited supply of affordable apartment units, which are generally quite old, and waiting lists for the majority of the complexes exist. Current residents were drawn from throughout Gloucester County as well as surrounding neighborhoods. This area is experiencing population growth, and the availability of new apartments is helping to meet the housing needs of low substantial income residents.
The project received an annual reservation of 9% low income tax credits from the New Jersey Housing and Mortgage Finance Agency of approximately $716,000. Project financing included equity from the sale of the tax credits of approximately $5,724,638, a loan from Balanced Housing of $2,153,670, $500,000 from the Federal Home Loan Bank, and a first mortgage loan of $1,668,740. Total costs exceeded $10 million. The project began construction in November 2001, and was completed at the end of 2002. ICC acted as general contractor, Ingerman Management Company is acting as the property manager and Ingerman Affordable Housing acted as the developer/ general partner.